Meredith revenues more than double in second quarter

Tuesday, February 12, 2019 11:32 AM

Meredith Corp. reported "stronger-than-expected" financial results for its fiscal second quarter on Monday. Total company revenues from continuing operations, which included special items in both periods, more than doubled to $854 million. Earnings from continuing operations for the second quarter that ended Dec. 31 were $87 million, compared with $159 million in the year-ago quarter. The prior year results reflected a benefit of $133 million from the passage of the Tax Cuts and Jobs Act of 2017. Meredith recorded a net after-tax charge of $5 million related to special items in the second quarter of fiscal 2019. Excluding special items in both periods, earnings from continuing operations increased to $92 million, compared with $52 million, and earnings per share increased to $1.53, compared with $1.14. "We were pleased to deliver stronger-than-expected revenue, profit and related margin performance in the first half of fiscal 2019, and we are excited about our significantly improved second half advertising outlook," Meredith President and CEO Tom Harty said in a release. The company has reduced debt by $700 million toward its $1 billion debt reduction goal for fiscal 2019, he said.